David Cameron makes emergency statement to Conference

Highlights, not verbatim:

11.06: We are seeing a difficult end to the decade of debt.

11.07: Tomorrow in my speech I will set out what we must do in order to put the economy right.

11.08: People are understandably angry at the bankers who paid themselves too much and are now turning to the taxpayer for help. but today is not a day for reckoning – that will come. Today is a day for reassurance and safety and protection.

11.09: The Conservative Party is not captive to big business. We must not use this crisis to bury the free enterprise system but to reform it. We believe in free enterprise and we understand it. But these discussions are for another day. Today is a day for protecting the financial system.

11.12: Britain may need to marshall public support for our financial system in the same way the USA has begun to do. The political wrangling that has taken place in America must not happen here. The Conservative Party is willing to work with our political opponents to do what is necessary for financial stability.

11.12: We will drop objections to who triggers the Bank of England process to rescue failing banks in order to ensure swift passage of the legislation.

On GMTV earlier today Mr Cameron described the US House of Representatives’ rejection of the bailout as "very worrying".

[George Osborne is travelling to London today for talks with Alistair Darling].